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Mar 31, 2024
SoFi Q1 2024 Earnings Report
SoFi's Q1 2024 was marked by strong revenue growth, GAAP profitability, and increased member base.
Key Takeaways
SoFi Technologies reported a strong start to 2024 with significant momentum in revenue growth and diversification towards Financial Services and Tech Platform segments. The company achieved GAAP net income of $88 million and adjusted net revenue of $581 million, representing 26% year-over-year growth. Management raised FY24 guidance based on the strong Q1 performance.
Total net revenue increased by 37% year-over-year to $645 million.
Achieved net income of $88 million, marking the second consecutive quarter of GAAP profitability.
Adjusted net revenue grew 26% year-over-year to $581 million.
Total deposits grew by a record of $3.0 billion, up 16% during the first quarter to $21.6 billion at quarter-end.
Revenue by Segment
Forward Guidance
SoFi provided guidance for full year 2024, expecting adjusted net revenue of $2.39 to $2.43 billion and adjusted EBITDA of $590 to $600 million. They also expect GAAP net income of $165 to $175 million and GAAP EPS of $0.08 to $0.09.
Positive Outlook
- Adjusted net revenue of $2.39 to $2.43 billion
- Adjusted EBITDA of $590 to $600 million
- GAAP net income of $165 to $175 million
- GAAP EPS of $0.08 to $0.09
- Growth in tangible book value of approximately $800 million to $1 billion
Challenges Ahead
- Lending revenue will be 92% to 95% of 2023 levels
- Tech Platform will grow approximately 20% year over year
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures
- The company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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